Kuwait Real Estate News
Kuwait property professionals, best paid in the region
The latest statistics from Macdonald and Company reveal that the property professionals in Kuwait real estate sector earn 10% more income when compared to their other Middle East counterparts.
This result was arrived at, based on the salaries, bonuses, fringe benefits and other figures, and will be published in the coming Middle East Salary Survey of the company.
This difference in salaries is mainly due to the increasing demand and competition for skilled workforce in the booming construction industry in the country.
The foreign and local firms that are currently in the process of implementing hi-profile development projects have driven up the overall worth of the construction projects to more than US$211 bn, out of the GCCs US$1 trillion.
This massive construction boom in Kuwait has had its positive impact on the property professionals working in the country. Their compensation packages are 10% more than their counterparts in the region. The companies are actually competing to identify skilled talents for occupying major positions, says William Buck, International Director of McDonald and Company.
Also, the property sector in Kuwait is fuelled by the high oil revenues, robust economy, liberal property laws and excess liquidity. To add to this, the real estate funds and credit facilities have increased the construction ventures and thereby the demand for professionals.
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